Eteteonline Team
Recently, the President, Bola Ahmed Tinubu, ordered an investigation into allegations of $ 3.4 billion foreign exchange fraud and money laundering against a private sector group in the preceding 10 years. The Special Investigator, Jim Obazee has been given the delicate job.
The fraudulent deals in foreign exchange and other illegalities involving the group were facilitated by the Central Bank of Nigeria (CBN) under the watchful eyes of the erstwhile governor, Godwin Emefiele. Some commercial banks have also been implicated in the shady deals.
Emefiele’s CBN and the commercial banks provided a platform for the group to transfer illicit earnings from shady foreign exchange transactions to personal accounts abroad for 10 years.
The investigation was ordered by President Tinubu and the Special Investigator swung into action directly after a petition by Ahmed Fahad, an activist and social justice advocate, to the President. Fahad’s petition to the President alleging “gross financial misconduct and illegality” against the Dangote Group was said to have been delivered in August 2023.
Among other things, Ahmed Fahad stated as follows in his petition to the President:
This brazen illegality involves a shocking violation of CBN guidelines causing a USD3.4billion diversion from
Nigeria’s national treasury at rates between 150 – 200 USD when the parallel exchange rate was more than
double that. This insidious financial maneuvering still threatens the very stability of our country’s economy
even today.
Astoundingly, this flagrant siphoning was carried out using Form A instead of the legal route through Form M,
which is tantamount to a gross violation of the law as it offers no financial returns to our country. The
barefaced audacity of these financial transgressors is further displayed by several implicated banks which
have audaciously sanctioned millions of dollars at CBN rate to the Dangote Group in direct violation of CBN’s
instructions to source funds from the parallel of interbank markets.
Theses unscrupulous actions facilitated the illegal transfer of funds for supposed foreign investments,
including the supposed construction of factories in countries like Congo and Liberia. These funds were moved
out of Nigeria with the alleged unlawful aim of industrial developments in other nations, while our own
country was left bereft of these much-needed investments.
More worryingly, there are several instances such as in Liberia, where promised factories were never built.
The siphoned funds were, instead, reportedly transferred to Dangote’s accounts abroad, thereby exploiting
Form A for illicit cash movements that cannot be reclaimed by our country.
It must be highlighted that the approvals sought from the CBN clearly stated that money sought by Dangote
must be bought from the interbank market – which means money outside the CBN. However, the funds were
bought and transferred from the national treasury with the CBN, which was illegal. On a continued basis over
the years and contrary to the approvals, Emefiele’s CBN continued illegally supplying money from Nigeria’s
treasury at cheaper rates to Dangote Group (see evidence attached). This is an illegality that must be righted.
For instance, in 2015, Form A number AA2541751 was used to transfer over 341 million through telegraphic
transfer (ECOBANK) in contravention of CBN directive to use interbank funds only for the Dangote project in
Cameroon whilst on February 12, 2016, Form A number AA2649626 was used to transfer over 420 million
for spare parts in Congo, also in contravention of the CBN directive.
To further highlight the brazenness of these actions, it recently came to light that the suspended CBN
governor, Godwin Emefiele had borrowed USD1 billion from Afrexim Bank in the second quarter of 2023,
USD750million of which was illegally funneled to Dangote at a concessionary rate. These funds were
subsequently transferred to Dangote’s accounts abroad just as previously done in the past.
Your Excellency, as the beacon of hope for our nation’s financial integrity, your swift action is desperately
needed to rectify these glaring injustices. We implore you to order a comprehensive and immediate
investigation into these flagrant violations of our financial laws.
We call upon you to ensure these stolen funds are returned and used for the betterment of our nation under
your committed administration. This enforcement is essential not just to deter future violations but also to
underscore the ethos of accountability and transparency that your administration represents. We enjoin you
to direct the EFCC, ICPC, DSS and other relevant security agencies to investigate these illegal acts against
our economy and ensure these funds are returned.
The time for a new era has come – an era where the rule of law supersedes illicit privileges and economic
justice becomes our national cornerstone. By addressing these issues decisively, you will send a powerful
message that corruption in all its forms will no longer be tolerated in our country.
In his maiden Independence Day broadcast on October 1, 2023, President Bola Tinubu promised to clean up the mess in the system and restore confidence in the economy. About N400 trillion is projected to be recovered by the Special Investigator and his team at the end of the exercise.
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